Warning Over Credit Card Use to Pay Mortgage

1 Million People Pay Mortgage With Credit Card

Research conducted by housing charity Shelter found more than 1 million householders have resorted to credit cards in a bid to pay their mortgage during the last twelve months.

The survey highlighted 6% of those who were liable for paying their rent or mortgage had used credit cards as a method of payment, accounting for more than 1 million people.

Further findings saw 1 in 12 Londoners resorting to credit cards to pay their mortgage or rent.

Kay Boycott, Shelter’s director of policy and campaigns said:

‘This is a shocking discovery, that over a million households in Britain are in such desperate circumstances that they need to borrow money on credit cards to pay for basic housing costs’.

Warning

The charity has issued a stark warning to people about the dangers of using credit cards which could result in the loss of their home, warning that defaulting on their credit card repayments may lead to their homes being repossessed.

Seek Advice

The Charity advises those struggling with payments to seek advice immediately. You can find out more information by visiting the Shelter website, offering online advice.